Stay far away from RosyFX! In our RosyFX review we will tell you why we think this broker is definitely a scam. If you want to start trading online we recommend you try a more reputable trading platform – you can try Bitcoin Revolution with a trusted broker.
Let’s start this review to see whether RosyFX is worthy of being a trading partner or not. Are you looking for a reputable brokerage firm to increase your income? Then you must undergo proper research before choosing the one for you as there are a lot of scam companies in the market now. This review will help you get a proper understanding of how to avoid fraudulent brokers and what to investigate before signing up. Let’s start reviewing RosyFX in detail as it appears to be a scam brokerage firm.
False Licensing And Authorization Claims
Checking a brokerage’s licensing status is the simplest technique to determine a genuine and reputable brokerage. A regulated and authorized brokerage may be trusted since they adhere to high service and legal requirements, ensuring a secure trading environment. Similarly, their operations are controlled by a third-party body, and they can be held liable for their offerings, which provides you with additional protection. Many fraudulent brokers claim to be licensed and authorized to deceive the public, and RosyFX appears to be one of them.
According to the RosyFX website, the company is situated in Saint Vincent as well as the Grenadines and is regulated by the FSA (Financial Services Authority). The issue is that it’s an offshore country where the forex sector is not regulated by the financial authorities. In reality, they have said unequivocally that they do not provide forex or CFD licenses, implying that this brokerage firm is not truly regulated.
They’re simply attempting to deceive their clients because financial markets in nations like St. Vincent & the Grenadines are governed by lax, if not non-existent. As a result, numerous dubious brokerages, including RosyFX, have set up an office there. As a result, this brokerage is lying to its clients to deceive and mislead them into joining up.
No Terms And Conditions
The Terms & Conditions are one of the most crucial sources of information on any broker’s website. These are legal agreements that govern your connection with the broker and detail the costs and other charges that you would be responsible for. They also highlight the principles you will be required to follow and the trading circumstances you may expect. To put it another way, such legal documents are quite crucial.
As a result, finding that this brokerage firm does not seem to have Terms & Conditions listed on its website is extremely concerning. There are also no legal documents to be found, but they still want you to agree to the T&Cs when you register for their platform. This means you’ll have no understanding of what you’re agreeing to, and they’ll be able to take advantage of you afterward, which is common in scam brokers.
When you delve deeper into RosyFX, things just become worse. As previously stated, the broker is faking its regulation and license status, and they do not seem to be supplying any crucial information. It falsely proclaims to be founded and controlled by Trinity Capital LLC, a St. Vincent & the Grenadines-based firm.
However, because the companies are not regulated, you have no way of knowing who you’re working with. There doesn’t appear to be any additional information or corporate background on the RosyFX website. This implies you have no idea who is behind the broker and are unable to pursue them in the event of an issue.
Absence Of A Trading Platform
The trading platform, which allows you to perform your transactions, is the most significant element that any online brokerage provides. According to the RosyFX site, they provide the MetaTrader 4 platform, which may excite you because MT4 is among the most famous and well-known trading platforms available. It is a top trading solution because of its excellent technology and features.
Unfortunately, there is no MT4 offered on RosyFX, and the most noticeable concern is that there appears to be no trading platform there at all. There will be no platform, which is a huge issue because trading cannot take place without it. This is a red flag that you aren’t dealing with a legitimate company, as no brokerage can function without trading software.
Considering the flaws and issues, you can conclude that RosyFX is not a good broker and that you should avoid it at all costs.